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May 16 - 07:55 AM

AUD/USD - Pivots 0.69 After Lift From China Data-Spurred Low

By Rob Howard  —  May 16 - 06:20 AM
  • AUD/USD pivots 0.6900 after rising from 0.6873 (intra-day low in Asia)

  • Drop to 0.6873 was spurred by weak China economic data nL2N2X8047

  • AUD is often used as liquid proxy for CNY. 0.6960 = Asia top, pre-China data

  • See: nL2N2X8031. 0.6829 was 23-month low last week, on risk aversion

  • AUD supported by higher iron ore prices: Dalian closed up 3.9% nL2N2X80AR

  • Iron ore is Australia's biggest export earner. RBA minutes due Tuesday

AUDUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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